Kwon Young-se Meets Mid-sized Companies: "Easing Corporate Regulations and Promoting Support Measures"

"Democratic Party Repeatedly Opposes for the Sake of Opposition"

Kwon Young-se, Emergency Response Committee Chairman of the People Power Party, promised on the 25th that he would "boldly lift regulations that hinder businesses and swiftly implement support measures that give wings to companies" during a meeting with mid-sized company chairpersons.

At a mid-sized company roundtable held at the Korea Federation of Mid-sized Enterprises in Mapo-gu, Seoul, Chairman Kwon stated, "It is truly regrettable that bills burdening companies continue unabated due to the legislative rampage of the major opposition party."

Yonhap News

The roundtable was organized to review the current management status of mid-sized companies and discuss improvement measures. Attendees included Emergency Response Committee Chairman Kwon, Policy Committee Chairman Kim Sang-hoon, and National Assembly Planning and Finance Committee Chairman Song Eon-seok.

Regarding the opposition from the Democratic Party of Korea to the reduction of the highest inheritance tax rate, Chairman Kwon pointed out, "The inheritance tax issue is about strengthening competitiveness through stable business succession and adjusting to global standards, yet the opposition party repeatedly opposes just for the sake of opposition."

He also argued that the opposition’s proposed amendment to the Commercial Act undermines corporate management stability. Chairman Kwon criticized, "It is deeply regrettable if domestic companies are to be preyed upon by overseas hedge funds and speculative capital," adding, "Despite the heavy responsibility of the majority party in the legislature, bills are being hastily processed without sufficient understanding of the economy and corporate realities."

Chairman Kim said, "I feel very ashamed and sorry that politics seems to be holding back the economy," and added, "In the National Assembly, bills that strengthen regulations on companies are being produced at an unprecedented rate, and I feel a heavy sense of responsibility."

On the same day, the Korea Federation of Mid-sized Enterprises also requested the People Power Party to allow the government to exercise the right to request reconsideration (veto power) on the amendment to the Commercial Act. After the roundtable, Representative Song told reporters, "They hope the government will exercise veto power because directors could be liable for breach of trust regardless of their actions."

This content was produced with the assistance of AI translation services.